The total value of China's bond market topped US$15.4 trillion, ranked above that of Japan and the U.K., and second only to that of the U.S. with US$40 trillion, as of the beginning of September 2020. China's GDP was US$17.7 trillion (114.4 trillion yuan) in 2021, up 8.1% from the previous year in yuan terms, overtaking the European Union.……..China also has the world's largest total banking sector assets of around $45.838 trillion
……..As of 2021, China was home to the largest companies in the Fortune Global 500 and 135 are headquartered in China. [60] [61]China is also home to more than two hundred privately held technology startups (tech unicorns), each with a valuation of over $1 billion, the highest number in the world.
en.m.wikipedia.org
That’s a country where 30 years ago the majority of the population lived at subsistence levels, on a couple of cups of rice a day.
Communists don’t ordinarily do that. “Normally”, they opt for maximizing control - and the result is chronic stagnation. I think it was Deng, who said, decades ago, something like “To get rich is glorious”.
OTOH, they do have strong fascistic elements in their system - the government has plenty of control over the private economy. It seems that while their political bosses want power and control - they also want to preside over an affluent, successful nation.
Clearly, it’s a strongly authoritarian regime.
Mao - like Stalin or Hitler - was a megalomaniacal evil person. He was going to create a new, enlightened, communistic man. Naturally, he became one of history’s greatest murderers. I don’t think they’re much into Mao anymore.
I’m really no expert on China. But overall, my sense is that they would be unlikely to throw away all they’ve accomplished - and risk a major war and possibly annihilation- just to create a distraction from an economic slowdown. Every nation goes through recessions, depressions, etc. Doesn't look like they’re there yet. |
